A water tower featured on Grand Designs that went a whopping £1,500,000 over budget has remained unsold for eight years.
As a result, the owners have had to slash the price by an equally eye-watering £4m.
The 10-storey tower in Kennington, South London, is now on the market for £2.75m, having originally been listed at the far higher price of £6.5m in 2018.
Alas, they haven’t managed to secure a buyer, forcing them to cut the asking price considerably.
Described as a ‘monster, a beast, and a crumbling giant’, the Victorian landmark featured on the 100th episode of Grand Designs in 2012, owned by property developer Leigh Osborne and his partner, Graham Voce.
They purchased the tower in 2011 for £380,000, expecting to spend around £600k renovating the building.
However, the final bill amounted to an eye-watering £2m, with the finished project being dubbed a ‘jaw-dropping showstopper’ by host Kevin McCloud.
The building is now listed for sale on Rightmove, described as ‘an astonishing series of staggered spaces that soar to dramatic views of the city.’
The listing reads: ‘Rescued from dereliction and converted under the eye of Kevin McCloud for Grand Designs’ 100th episode, it is now a remarkable family-sized home that pairs Victorian engineering with contemporary design.
‘The accommodation unfolds vertically, linked by an original Yorkstone staircase and a separate lift tower with glazed bridges.
‘Five double bedrooms and four bathrooms are arranged across the tower’s floors, each with its own character, thick masonry walls and tall arched windows.
‘At ground level, a glass and steel extension known as the Cube provides lateral living space. It holds an open-plan kitchen and reception room with full-height sliding glass doors, and a roof terrace sits above.
‘The crowning feature is the Prospect Room, created within the original cast-iron water tank.
‘With openings on every side, it frames panoramic views across Westminster, the London Eye, the City, the Shard and Canary Wharf, making it a living or dining space without equal in the capital.’
According to Grand Designs Magazine, glazing on the property when it was renovated cost £240k, while scaffolding hire was £60k.
They spent £25k on the foundations of the building when workmen realised they would have to dig deeper than expected.
Additionally, the owners spent £25k on an air-source heat pump for hot water and heating and £35k on a high-tech audio-visual system.
The London water tower was originally built in 1867 and supplied water to the Lambeth Workhouse nearby.